Corporate Social Responsibility Essay

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Topic 3 Introduction Over the years, there has been an increase in companies showing interest and actively participate in initiatives that contribute to the society and the environment. Despite not having the obligation to do so in the eyes of the law, companies continue to practise corporate social responsibility (CSR). This leads to arguments that a company’s responsibility is to earn profits and by being concerned with CSR, it would result in it not being responsible. This essay will thus discuss the different perspectives of CSR, namely, classical, contemporary and stakeholder views. To begin with, this essay will start with the introduction of CSR. Corporate Social Responsibility CSR is not a new idea that arose recently. As studies have shown, the interest in CSR can be dated as far back as the 1850s. (Cetindamar & Husoy 2007) However, attention for CSR has increased significantly over the last decade when companies started to report on their ethical, social and environmental conduct, as a result of the media and society that increasingly request companies to consider the social and environmental consequences of their activities and to provide more transparency and openness with respect to their action. (Hartmann 2011) Due to a reported growth of Asian consumer expectations of a socially responsible business, (Chapple and Moon 2005) it is no doubt that it has lead to the growth of CSR to be one of the top priorities of businesses over the last decade - CSR was ranked as the number one focus of managers in the global retail and consumer goods sector, in 2011. (Hartmann 2011) A good example would be the World Business Council for Sustainable Development (WBCSD), consisting of 120 international companies, urging businesses to assume wider responsibilities in the social arena and that CSR is on the global policy agenda. (Smith 2002) CSR is defined

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